Financial Planning Committee Meeting Minutes

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Final – Financial Planning Committee, February 18, 2015 
 
Financial Planning Committee 
Minutes of Meeting 
 
Date: 
Location: 
Wednesday, February 18, 2015 
Islands Trust Victoria Boardroom 
200-1627 Fort Street, Victoria, BC 
 
Members Present Peter Grove, Chair 
Alison Morse, Vice-Chair 
George Harris 
Dereck Atha 
Peter Luckham 
Laura Busheikin 
Susan Morrison 
Derek Masselink 
Paul Brent 
 
Members Absent George Grams 
 
Staff Present Cindy Shelest, Director Administrative Services 
Nancy Roggers, Finance Officer 
Stephanie Somers, Human Resources Coordinator, Recorder 
Linda Adams, Chief Administrative Officer 
David Marlor, Director Local Planning Services 
Lisa Gordon, Director Trust Area Services 
Pamela Hafey, Communications Specialist 
 
1. CALL TO ORDER 
The meeting was called to order at 10:03 am. 
 
2. APPROVAL OF AGENDA 
Trustee Masselink and Trustee Morse joined the meeting by teleconference at 10:04am. 
 
By general consent the committee approved the agenda as presented. 
 
3. ADOPTION OF MINUTES / COORDINATION 
3.1. Minutes of Meetings 
Chief Administrative Officer Adams joined the meeting by teleconference at 
10:05am 
 

 
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Final – Financial Planning Committee, February 18, 2015 
By general consent the minutes from the January 13, 2015 meeting were 
adopted as presented. 
 
3.2. Follow up Action List 
Director Shelest provided an update on each of the items on the Follow up Action 
List   . 
 
4. BUSINESS 
4.1. RFD - 3rd Quarter Financial Statements 
Director Shelest reviewed the Third Quarter Financial Report and the committee 
discussed. 
 
The committee noted the report needs to be amended by removing the “-65,000 
(net surplus)” line item. 
 
  FPC-2015-004 
It was MOVED and SECONDED 
That Financial Planning Committee forward the Request for Decision as 
amended to Trust Council. 
 
CARRIED 
 
4.2. Briefing - 2014/15 Forecast 
Director Shelest reviewed the Q4 financial forecast briefing, noting that only 
items above or below budget are highlighted in the forecast.  
 
The committee discussed and the following changes were made: 
• Bring surplus reporting down to the bottom for better clarity on how the 
deficit will impact the forecast. 
• Add the word “Significant” to the beginning of the sentence in the 
“Background” section. 
  
FPC-2015-005 
It was MOVED and SECONDED 
That Financial Planning Committee forward the briefing as amended to Trust 
Council. 
 
CARRIED 
 
4.3. RFD - Bylaw No. 160 - Trustee Remuneration 
Director Shelest reviewed the Request for Decision noting the proposed 
amendment would allow the bylaw not to need amending each year and that a 

 
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Final – Financial Planning Committee, February 18, 2015 
review would go to Financial Planning Committee and Trust Council each year 
for transparency.  
 
The committee discussed the following: 
• There is no CPI for 2013 or 2014 but Trustee remuneration was adjusted 
for the 2011 census data 
• Expecting CPI increase i

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